EVTV - Earnings call transcript Q2 2022 | Envirotech Vehicles, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to your Envirotech Vehicle Incorporated Second Quarter 2022 Earnings Call. All lines have been placed in a listen-only and the floor will be open for your questions and comments following the presentation. At this time, it is my pleasure to turn the floor over to Ms. Jane Belodeau, VP of IMS, Investor Relations. Ms. yours is floor the Belodeau,

Jane Belodeau

Thank you, to day welcome again and Vehicles' second once Envirotech call. good quarter and operator, XXXX earnings

begin XXXX. facts of Section Securities of may Section reading XXXX by considered forward-looking statements and call the of the harbor Act be the Exchange me meaning within with historical All this made the the the of XXE exception XXA of statements statement. of on Let safe call Securities Act

on assure Envirotech achieved. and that any events be reflect call. of Envirotech other cannot made update Any earnings as Form new by are in statements Securities of projected differ considerably the Envirotech's reflected can due take such risks, date operating technical report including reports Form statements Exchange changes Envirotech that believes or disclosed required statements expectations expectations uncertainties, will Although any forward-looking performance, from in to of be information, and results Envirotech events circumstances the call, or on and are reasonable expectations, to XX-Q, annual on does time-to-time Envirotech's with by you of in not uncertainties from such to economic risks a basis that forward-looking only and assumptions other forward-looking obligation make to Envirotech to law. subsequent forward-looking the Also, prove that factors, could in are filed undertake and assurances these or correct. this supplement statements to and subject expectations quarterly factors except current the current will number results other as cause actual this reports XX-K, Commission. no

of Christian call Rodich, the Envirotech. over Officer turn I'll go ahead. Now Please Financial Chief to

Christian Rodich

is call, today. his out and and now wish mother And Thank our the him you, nothing, he us him Canada will his with best and ill family but in to is thoughts begin. prayers on but go right is terminally the today. He and Phil with Jennifer. hearts, we I

for a truly was Vehicles. Envirotech breakout quarter Second quarter

in the which compared well drove saw we quarter increase XXXX. as a revenue significant uptick year-over-year As in vehicle as of sequentially when to both deliveries, first substantial

compared quarter, the delivered vehicles we same last delivered period the the two XXXX, XX XX to year. date vehicles second vehicles. to of just During in we've delivered in And

build Arkansas. final the alternative. pleased we Osceola, transitioning a the the electric So end to to those of quarter cleaner we're assembly to have during look our give businesses X to you chassistrucks, demand, and to volume our municipalities Class provide trucks beginning at XXX seeing cab Class continue to we in across The our more with our for X high and vans We their are call, intend increasingly board more new begin activity, momentum, vans and as and We're in marketplace. color on fleets the deliveries some upon. strong with QX. as first through we Class ordered we which year X shipment mentioned will the seeing deliveries around To and are trucks order last XXX facility anticipate ability the in strong

Program, in changing provisions Inflation clean as New commercial Jersey seen several week our see the of Emissions like vendor or heightened the from With believe Act a interest we've Reduction programs form an benefits incentive voucher For the in NJ energy of fleets. the we with state approvals the vehicle now game months including for clean acceleration status Zero and last industry Incentive a the to switch approved passage ZIP. Senate's The will new credit,

benefit we're extremely about excited the facility every mean, to and electric as continue progress that fleets trucks of and EVT the we're from the optimistic is to pace evaluation, gains Osceola evolution about believe the speed. We Renovations at seeing vans, continue positioned engine I are and day. very ongoing combustion transformation to well

well As favorable its us close interstates, we capable we've River, location, well shipping the to flexible mentioned, chose Mississippi several as Osceola as regional proximity as to its as which for highly provide alternatives. workforce

manufacturer We've With In presence to by we've in EVT recently incentive our Osceola, will the strong expanded Development received support recently also we only our first Jonesboro-based in we're commercial operations to addition from vehicle package also electric attributes, an adding announced DaVinci state. Economic $XX we're Commission up with the million. and dealer. economic – at state, vehicle as our our licensed partnership sales the valued these provide and Arkansas with Innovations

to Our the state a sale adding heavy and to electric network robust of strong fleets goal the for to trucks our of create and dealer is across distribution vans continue duty partners Arkansas.

the our believe and exceptional facility investors. of The a uplisted in July, heavy the enhance Finally, lifting long in completed to NASDAQ himself. visibility to deliveries very He for our early for hard achievement We and NASDAQ ring milestone EVT the in this combination coming of our Phil team recognition board. broader and many highlighted construction that of considerable customers. our Capital the of other manufacturing opportunity work and very efforts our a ambition is and this was to brand of increased attract presence new with uplisting of bell time has Market, will audience to our uplisting been over a sales EVT growth introduce numbers, the driven and opening past the and NASDAQ new a founders a and has the on by thrilled successful members year, multiple marketplace company

about operational growing XXXX, And greener vans for I premier zero look the leadership XX, this June emission The back – ended as and is increase trucks three our an only the the of And our vehicles will two opportunities to now, our months facilitator industry This half as prior for time to of go company. Sales the focused and EVT XXXX, section the energized XXXX. forward over exciting was a more months commercial road $X,XXX,XXX move on transport. our of of related year. vehicles on our $XXX,XXX presentation, the we're the and XX, sales the as versus were to through the of EVs to into for seeing sale primarily evolution customers. get earlier the compared remain for the execution So position June and production and ramp a three ended XX noted the we provider we're we quarter commercial concluding financials. a in to of driving

as XX, by in $XXX,XXX research expect $X,XXX,XXX the related compared truck, quarter Class sales by to ramped year operating second were same end and $XXX,XXX during engineering the efforts be to the period. quarter prior will development The the the marketing well in months net six June is for offering XXXX, of ended up of our the XXXX. compared increased as year. our approximately of to expenses and which sales costs bus second and expenses XXXX the For related to Total and X increase available we primarily quarter new school the

up headcount the second continue production added quarter in ramp also and to we operations. We as

per in XXXX $X.XX approximately $X,XXX,XXX approximately and loss expense a to stock-based operating XXXX, a or compensation related of approximately expenses of the For $X.XX share in Net basic months of the net and were depreciation loss or was the second XXXX. $X here the $X,XXX,XXX to net to six of loss charges $X.XX first total million compared expense of second XXXX. months This basic share six quarter diluted of in for first in of non-cash $XXX,XXX includes million per quarter compared a diluted loss and XXXX.

per or loss diluted approximately loss share net of $X.XX in the the first year, million For and basic share half or XXXX. diluted to loss million a half of the compared a and per $X.X first of of of loss $X.X a net was basic $X.XX

As on million. of cash the working we $X.X securities and questions. total approximately the liabilities $XX cash can approximated was now Operator? and XXth, restricted of had open approximately million up This company marketable concludes $X.X financials capital million, for and my remarks June cash, equivalents,

Operator

to Thank with we Irwin you. Thank Please ahead. go – [Operator go Craig of Instructions] Partners. line my you. Capital apologies. the If ROTH And first

Craig Irwin

taking evening good and you my questions. Hi, thank for

the on quarter. congratulations So strong

guys many revenue? in $X.X in $X.X And that just for approximately now. over are how deposits, position to be are deliver into exiting in million, couple turned months? the to opportunity seem those ramping quarter to nicely there's you that The suggests nicely inventory given quite continue million You that be maybe the pretty available us the out deliveries, million can available discuss of the next Can you ramp then subsidies to $X.X there. materializing and vehicles demand can this inventory how describe what's

Phillip Oldridge

is Craig. Oldridge. Hi, This Good Phillip afternoon.

round inbound we inventory X/Class trucks XX represent have far goes and that but because in I'll stand Christian you have in that and where stuff I would As jump XX the some here think we I and mistaken, to vans it are coming numbers me, right if completed not and around, X us. front that's of as I'm about don't ready the Craig, Class that's now, give

little those have correct, trucks X trucks, we in left. our XX of now, that In of our or Is of probably terms Class XX X terms and only about Christian? Class

Christian Rodich

about have those correct. now. XX Yes, we of that's Yes, XX or right

Phillip Oldridge

terms and various of we're with the and finalizing sold are rest and in – the they they're like just boxes outfitted those upfitting stuff on that. being And

on the So at have of of inbound the which X/Class deposits X scheduled the the – we are and of our year, for are end inventory, inventory to trucks Class delivered before inbound then new start QX.

have them. the are willing about passenger Class end is those of buses, the XX And have X five ground. school five Class got buses of of the year There scheduled and we All school to on by trucks. X XX

Craig Irwin

That's Excellent. traction. Excellent. nice really

vouchers were that we been So the XX subsidies of your successfully units year? you recap quarter? the procuring And with the have do as end expect sale Where or can for you into available look matched other additional customers? in funding were with of what the maybe the vouchers you us – back

Phillip Oldridge

Sure.

states programs two expand – New a last growth from to New the of vouchers we in had continuing are see the Jersey in sales So very out and last our of come Jersey, strong. quarter, are the we lot in voucher which

vouchers, less albeit applications those a State vouchers and also sales of of but those the are seeing the available still lot in We had money, they California. continuous in are California state for we're

very came – those then growth vehicles available areas so, to they're actually there. have voucher in some programs them, of just our well there. are And And in sales from that even customers we're doing buying the don't

three vehicles. our approved and approved that have right we have provide our on banks our financing and product So, now lines

Craig Irwin

Excellent. Excellent. Okay.

shape? take When talk then facility? commercial we you Osceola in recognize you from a And can How do facility? expect the the incentive So production material would that Phil, to state? of package about how million bit is there out the that $XX maybe little deliveries have you the starting

Phillip Oldridge

on people Well, entail. cleaning to $XX the so you Well, say with cleaning the of as I vehicle was formally plant, it been imagine do we've could the into Christian the loom that package mean plants does but the with the what complete anything reference of busy that you what opposite up you, and get the of to will do with facility, fruit the actively plant, so respect manufacturing. a incentive for that commercializations million, up let in

long building, removed got time. a the So inside, cleanup whole vacant of we numbers walls, for the complete building is have

a So we've up whole it's point building pretty to and where got usable. the much cleaned

there to building them Now are completely one that feet, the representative cleaned installed, square happening is we've We've boxes on that who which of side are stuff XX,XXX with vehicles cleaned got of the to, developed is what's installed, having they're that are tires, where with and storing of vehicles to going out. these respect how respect wheels, facility, decks flat XX,XXX it final modifications, being stored done assemblies to we to, types depending all up, being vehicles. built and about with

roof. is But the and So we're doing that very the to the thing getting is, finalizing that close so of we roof establishment and entire first on first encompasses are that. now XXX,XXX square replacing the about the building right we're of thing feet –

could out to roofing an we on you a it's so and before arduous done had trigger study we very even like that. actually stuff the So But task. pull get and that imagine engineering could

the up roofing changes that so the the be that reason We're panels build part replacing And ready well. – roof have part we're roof is as to of of it replacing that as would getting as the solar the in on roof we're - and and replacement going out. that roof, during to the stuff build to making the because that some be of structural

getting that. So for ready we've been

ready almost so trigger pulled on And the that's to it. have

quotations Now we've three it. two, on got back

our think board what We do have from to we on that. some approvals we with want

so, getting that we've had And ready go there, inspected organized. we're at to and the how through and we're gone but roof looked

In actually inside that it probably terms coming done. of with one see vehicles the us of production installed you'd the building take will actual XX and out to then solar line manufacturing be and we've to roof, get is five to months of going before month the blown there, window an got full about get and do up ready, that

There underway be for electrical of draining switching done old currently like were to some are control and be the plant old getting some removed and ditches of were to now. repairs we're the walls that and flooring stuff that trunking concrete where electrical, the used the switches because and We upgrading panels will boxes that facility. the of [indiscernible] some that of inside need all

wind we'll with smooth floor. a So up solid

has So completed. most – been of but done, inspected, that

approvals that have and and forward we have of drawn a We with to work that. scope move drafted against

the I that you'll that of be a within see portion good think underway. will four So And weeks. starting all next

Craig Irwin

you Thank could How $XX that's the Christian, to you make on a do you Quick that. if million? please? recognized want comment for

Christian Rodich

well to of with be to next of as that sales Yes, really we're be the A XX tax different going rebates, over really – types years. state. that that's rebates getting is and the lot employee going eight

won't all As we we on operation, and – and we get those refunds ramp employee stuff, up have expand we'll taxes that.

So, through that's and eight, give but that years, of state things encouraging lowering eliminating as next there us through And to to bonds the other different like grow it's the operations really the be really all us back then taxes that. part. and things for course be the going and well as credits our those also coming is where giving XX to that it's the various incentives most us going is state through we

So it's along that. as out be things pipe on reporting will be the move we'll coming we down and

Craig Irwin

Understood. Understood.

may every you all I see such you. how around call, you allows for is there sustainable? So gross Any Can this to I this gross it's question, last I you're healthy gross that if different describe margins, your versus ask but have helpful. margins, us impressive know maybe you out doing color is there as And what important. peers such margins? Thank

Phillip Oldridge

figure of there's so just Well, you, yes, first all, our CEO We doesn't dollar I'm in seven truth salary. – and our multi-million have any earners a of salary draw messing that. company. don't I but lot with to

at we and and very bigger from – We look five cash modest our our And think years six if you you earners. and see well. and can that handle income have cash position, I our from ago, financing two control

cost really of primarily money money us marketing vehicle, a So on put we we making getting kind focus sure of into on cash are we and and just and to was a worked albeit and – that advertising were it little vehicle think that had that that there, a and a And it's we have that starting that I – homologated now was great vehicle done great functioning and we now there. controls. out bit

margins. good our margins So are really – and

it, and to that job people think the sourcing some do works, in, that doesn't brother I where engineering between knowing what that of find great my on a team, myself what product at side of and out or my outsourced to, a our and have knowing completed we that staff work just and by people that that is most of are lot staffs. normally a and people engineering companies engineering engineering myself of would be in-house our of other like that and lot by going that some brother we

for So and of stuff, market that our that homologation certification just understand costs very, well. we side very the and

cost great that think, controls so, have we I way. And

margins? those see to believe continue will. we we will So I

very think and And that will and slightly go honest expensive of shipping is that. even you, Taiwan improve may places Malaysia that away. right I out now they like be Asia very, all to and with

and we’re build anxious to in great excited too. I opportunity and believe So we’ve us place that our what to a get start on And Northwest will Arkansas there very very got. provide infrastructure

like training are tax Some giving for stuff wages on. us of the incentives an that and and employee so

we’ll think I great continue to margins. see those

Craig Irwin

I’ll Thanks well. on take the of I for Excellent, the questions congratulations the rest addressing those offline. and have progress. again

Phillip Oldridge

Thank you.

Operator

Tyler go with Capital. line we the Washington Street Collins to of Please [ph] ahead. Next, go Instructions] [Operator

Unidentified Analyst

Hey questions. guys. my taking Thanks for

So great congratulations. quarter,

number quarter. vehicles both so you compared of to first to increased last second You and compared – year delivered quarter you in the significantly the

So think quarter? to increase you each cadence delivery the expect going of to should my we forward do question specifically, is how deliveries continue

Phillip Oldridge

Yes, great question.

So have if tell I way, will I and you this. my

double target to our quarter sales in on third last the are from We the quarter.

in target that believe like will So Can’t and I We’ve in I we scheduled. did pipe units that. for in the it. on stuff but are QX. And it, we guarantee we XX orders do XX will delivery got plus second got that quarter. – the We’ve believe

answer your quarter quarter. yes, even will to third think the to to an flow and So stronger question, have I fourth going that continue into we’re

have now about very we what’s great we’re happening. deal So and excited right flow

Unidentified Analyst

That’s Great. quarter. on me. Congrats the it for thanks.

Phillip Oldridge

Thank you.

Operator

investor. Please go line we go Dave a of Next, the to ahead. Hammond, private

Dave Hammond

quarter. with release and how sales With is Hi, unit I’m press one about Phil question and should XXX a for think units, about how disclosures such. for Thanks look pipeline customers if actually taking first congrats are structure as think XXX in this or previous are Christian those sales the and if on related they’re, why team. completed? to structure DaVinci. going this and and what and my the like end progressive and we place, isn’t the and are that in another My questions there color this represented to looking should we and there

Phillip Oldridge

for does and it a seem a and little can strange, simple answer very – I question. Great there’s And it. yes, for answer you that but

first or the the long time, Arkansas. basically directly manufacturer an books its that does automobile vehicle had the manufacturer for manufacturer not State allow its in on to end for to long, State users. And sell are auto Arkansas of We long, a or vehicle has customers of a regulations

through go must network. You a dealer

right are legislation have law sell that with Now, get will of I that change closely tell local very very, working into before that couple us drafted I to can senators further, that and we being that’s a you we so now, vehicles that direct.

to delivery question, your real as year. state has that vehicles are clients on of order that of and accelerate are we’ll fact, his sometime and two themselves, end DaVinci he’s week, So of that and XXX matter with this clients has. a people he I actual real before of throughout the local he’s answer And and that’s first out that us some some finishing we’re taking got vehicles real from customers, believe order a a from month, the them of next them the

dealer specific Transportation reason vehicles that Arkansas that’s inquiring we because of one we a And but the State or – lot a customer customers network, are is of why the our Arkansas, that ADOT. within Department So activity. the have have of of lot a about

far And through our authorized vehicles rep/dealer. we a must is with deliver a – and we must, so factory arrangement that but changed, through sell until law

Dave Hammond

Okay.

will continue unfold as unfold? release they’re press you as own other, be So sales that to or how related deliveries this there some to them as via if DaVinci, – that your will were will ultimately

Phillip Oldridge

another great That’s that’s question. Well, great.

– of they’re of tell own so sales DaVinci And some the our release. are own, we through that press of a to that that that stake. and will because combination And his truth. we own into of we the putting his some both you has have – will we sales going it’s DaVinci

I So that have it that XXX in for I you, hope all but hope – pipeline. answers that them answers we that

to be we come together. why those times. are so won’t – and know going That’s the and a we two XXX we counting So backlog same we know have vehicles three that

we’re secure very that. about So

Dave Hammond

Okay.

Okay. Thank you.

and Well, question, NASDAQ it’s firstly, have Just yet time And I up said in the It’s do to related because it are. cringe to we always balance you here do shifting on congrats mine. list, on gears, at asking it certainly you I a were on it. just long the sheet. and took questions But it And because everybody’s one to other you did tough a going market. mind.

either interest last us my sort topic, But uptick But but relates and buy the away or what you in question positioning sensitive what’s it to because of financing, to up puzzle I with kind you’re the that’s in it’s the looked it’s amidst support was the to that to getting on? then on fell to speak going So What can big a the that side list. an you side you’re happen it’s conjunction of the me or of can it. piece after for it like give going and uplift. sell share like this maybe market. post get getting what’s feeling institutional a looked

Phillip Oldridge

think best two you tell to I in answer the that, we’ll parts. Well, that way

were not for a market hit what the while. hard at at real lot is, frankly, Why big, from at together The when just probably would were And say that And first and you in good under probably companies see will happen will place. in Quite know, that but time, our not list? future? the a having other part of for conditions side, the QX/QX, we we together? we arranged it faith, press in a – of up doing was arrangement took most was the around didn’t a EV us, other QX. financing favorable the took in that that also which the a The were time It do. doing. come other failures, Yes, probably an markets were terms now come that I they that the time companies financing and there in that not there but as had do be

last list asked just we consider waiting So we on. something it or was that the decided in quarter and And were to And the is financing. but exchange we that going And that – go a costly these that very, varying up very considered, expensive, before upliftings types to and we would do we we on the were you an moment. the is not it’s had very concurrent expensive two were we was, did without stay done. to as and if that reason just know, a get of

invested And substantial of [ph] money into we that. amount so And redo we’d that. illegals already and just fees and like stuff to want didn’t

So we anyway. that to going decided we were go

– exchange, see as but going and two And compared but even need. see NASDAQ, quarter, a quarter our we definitely. first good financing to our – be we’ve were, third that’s own, different And a but Well, know quarter. I And under our why the in so a be that we quarters second probably were really belt what to I We twice with there. second to to do to we believe had quarter, going is our as we’re I we it’s good future our that we good an most really off seem off know, going that? where do holding okay had

hand, And money our cash of way we’ve sort of anyway. managed like flow in immediate so we funds needed – the and wasn’t managed because and it our

into some of but we’re around that you’ll do an financing – I by to a going So yes, believe something or QX. see announcement financing that

Dave Hammond

Okay.

one with the last pick going call My you reading here brain try the a on interest of this, is I and going your XX my postal opportunities you. of But after, are did school on peaking last too. sort what’s it’s I to guys whether behemoth buses. bit canoe. or that little question, the Thank this Okay. that’s always

What’ look splash And jump how on that, a we of marketing? seen the and my like Are queue soon. touched the mean, it’s XX into completely already before You sort street? for sounds Is big the pretty it is new not thanks like? this plan buses that I that? I’ll you have design? is taking And much site, vehicle out commitment. and a questions. on very coming just to What’s back Or there

Phillip Oldridge

problem. no Yes,

buses, end actually it’s five that have completed we So school the are that be of them passenger XX it’s of delivered XX by not buses. the will school year. And

So substantial are excited and new a for It vehicle build it. yes, us super it’s us. was about – a brand for it’s been we

into We’re looking our forward getting to really hands. it

have we telling substantive a don’t those of bus past we don’t about number And hands. what that that because inquiries of But my We anything would me have there. in we this we sold our is did X and from that saw yet be what of have there. did know it before background we you you this Level

us is side. will So be for school what I the we a changer have coming game in believe bus

year. So we’re to very excited end of about it and we will look get it the by

like has that do be our of some we hand they vehicles we’ll We vehicles that left be a also We’ve have X to, will series already I already built being they’re and Washington, drive which of those about. test in will scheduled excited we’re X seven Class on or those with five well, TRUCKMAX locations go that has who are us Florida is arranged dealer at call And D.C. drive presenting back coming in D.C. something four we started to be Washington, but right for who have presentations time, size substantial of office in far ready arriving. company. those up vehicle platforms trucks hand have out you our state. post little will And time. presented the in this will can’t tell At trucks that some also include as and We we in September. this marketing Class And a or vehicle. very our delivery That

all van, We’ll currently XX it days Sheriff’s lights and that stuff, that our logos excited the be I’m test unveiling right now out that, be have decaling and to right stickers And already. we period. and into right they’re the And we state service state and to will and that for delivered van are that going we our XX-day now and there, and be within we’re currently XX sheriff up with presenting Georgia. it will currently a customers super we prisoner in is states be who test and but then vehicle. if to be we’ve meeting of be a to one we’ll that we’ve orders you some counties great about next And that from for well the talking they testing will goes we see several the to the been with that’s unveiling will that. transport first – believe on certain lot the now to, days with share first Georgia happy And with So will head prisoner there, that transport it. state traveling

Dave Hammond

it. That’s Excellent.

Operator

Next, go ahead. we Financial Steve line Bokor PI Corp. go of with to the Please

Your open. line is

Steve Bokor

hope you. great Thank me I can guys quarter. mute, hear you

You hear can hello? me, guys

Christian Rodich

Sure. Can.

Phillip Oldridge

and Loud clear.

Steve Bokor

partner want we bits might information. of just mute. get couple be My thought to I on a of

already Some here. answered of it’s been

You he mentioned consulting Oldridge David has the for company? still

Phillip Oldridge

He’s with Yes, he us. is. Yes.

Steve Bokor

power Hell. or great, great. completely And line thing Dante’s put on, lawsuits circle green I is great, with and of been there items the Okay, is situation like that can to has comment to of about Nine Circles whether bed, a you saw couple continuing

Phillip Oldridge

not that. the the the inclined time, call Well, table moment that lawsuit. that, we with to all inclined have don’t lawsuit. know to the power lawsuits, settle there an think settle are – of it on are offer we And settled this settle with to respect to at I we not of I on lawsuits EVT we if but was And that in our is don’t line the that, would items exception green

Steve Bokor

the picture Vietnam of North versus components are Okay. And of what China America? give can you a us from coming percentage versus

Phillip Oldridge

itself. of up now. of three North and right in Most have And out to coming of from the road plant because Big we America. are us, mile why that’s Arkansas open entire And where get the the entire quarters of at we out of our Malaysia excited Steel little plant move out our motors or U.S. the we sourced is to and Steel River and are very of are now stuff out Taiwan from a have China we rest this things comes time. axles Well, all continue drive those of the source

need being to of our all assemblies so our are in won’t motors of rest that, all and our now. there. all States that currently sourced anymore, else be sourced the able anywhere we’ll brake including And get can the axles We steel our United and and to entire drive be source

us kind that that those discussions stamped of have facility product with the would joint stamping under companies on really one having some our So leave the venture vans, of at a or of believe steel which with. own the could we vans, we we’re the

our cab on an cab, terms Korea. the cab out truck, that In comes over we buy OEM of – is that and that of

Class And cab so our and universal X, on fits we’ll continue of Class It Class cab. to ship X Korea it’s platform. sort from that because X

or permanently Our Class have different that we something not want sourced X and cab sourced we we will have be get not to from where yet.

on So we’re that. working

running school plant Osceola, a the be be they bus will In the a up that it aluminum. it’s built buses XXX% can and will get of arrive, our once terms we school an – of when out be build

looking and here. and body and how chassis U.S. an the vehicle structured in Big be drive that River system components, We’re or goes, components, the within sourced and easily be rails stuff it terms everything at that steel, will the on at the all of entire sourced and and aluminum of can U.S.

now. an that that a battery harnesses. be be a requirement still for respect with thing with outsourcing the us right only in requires would would agreement and We do batteries to place company So have

discussions suppliers for having around are earth in Arkansas materials. lithium rare and We with lithium

will yet, battery the got facility to to manufacturing certainly house be space So XXX,XXX haven’t new available square up with within share out to we feet accommodate We much. and us most to I but able for manufacturing. you have this that our figured

Steve Bokor

Okay. That was one of my next questions.

revenue and you drive thank much. powered very significant I is forklifts, guess you portion a So electric is hand at into business vehicles? that guys point planned continuing revenue At getting or were one with, looking same of right

Phillip Oldridge

been first an We the business. know hand of that manufacturer for and hand within case we’ve are licensed you company forklift personally us, we the the But didn’t never U.S. for at now So business. right affiliate drive in But we’ve EVT, right in we drive does forklift Envirotech Vehicles, in are been vehicle know, vehicles, the never us that.

side, Right and will right allegation to office. drive from that that excited have started soon for so vehicle have started able vehicle, of are we with and receive inquiries, very But we be result a we initially line we drive vehicles just hand we a certification to to and we home hand vehicles. about. truck. something only in provide will some European drive because but respect we’re have some hand excited separate of small right the wanted a albeit as very we’ve And now right that on hand calls about drive which now our the to a And vehicle right calls van, be receive our in they’re post our that started to those project for

Steve Bokor

And – months it’ll take capacity? to full up the before Okay, factory, at figured and just great. full clarify you’re XX running you in

Phillip Oldridge

Yes.

equipment, that think I finish sourced we time then where the sourcing funding the you the and that. of need the by in get of from build of roof we’ve a equipment to like already lot for terms out,

And that. – already already industrial We so for an we we’re not approval bond. received concerned about an on, have

around. not equipment pieces you something that move it like big floor. stamping push easily Those about it, you It’s once worried some how making it all. if so And the around placed not equipment, are of it’s for that stuff. or at sure gets gets we’re type that set It’s where very set it it and it that just imagine, and get could we’re up, prepared on you can there do of

on solar making up and trunking all we’re roof and and in care in stuff the that some properly stuff right being got and secured is So cabling the that roof of now taken way there. terms addressed sure electrical and that’s our power power our now the of of. is And going is we’ve building that

we’ve coming smooth they’re ready are which get underway attached ready permanently trigger get floors, and a and it to we’re equipment place on that to that, got and pull once So it go. shortly, then can we

believe, up and two willing, I within years, that God running full the if could potentially will months. way it we that one the an line XX So stays XX-month, but world be have is,

Steve Bokor

Thank Okay. all That’s very got. you much. That’s fantastic. I’ve

So I’ll wait else. for somebody

Operator

Christian we have for time, turn Rodich this closing signals, to further remarks. At no Instructions] we’ll [Operator

Christian Rodich

All said appreciate you. look Phil, right. joining thank joining I us end. for with for one Thank we with to our you you, been for everyone Thank greatly before, each And you And forward you. family. thoughts it. are and questions here the prayers your We’ve at And Goodbye, every speaking and appreciate and We greatly quarter. single of today. everyone. you next as

Operator

thank your today’s concludes This for you participation. We teleconference.

lines at may this great day. your You Have a time. disconnect

Envirotech Vehicles (EVTV) 16 Aug 222022 Q2 Earnings call transcript